But those who survived have enjoyed a more than substantial boost to their earnings, according to a new report.

A study by Income Data Services, a research firm, says a big rise in vested long-term incentive plans – known as LTIPs – pushed the total pay packages of FTSE 100 executives up 10 per cent at the median level.

The payment of some high incentives pushed the average rise even higher to 27 per cent.

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While the targets set to trigger LTIPs are linked to performance, and in some cases are stretching, in others they are opaque and some firms have in the past moved the goal posts midway through an incentive scheme. IDS says the median total earnings of FTSE 100 chief executives was £3.2m while the average was £4m.

But basic pay and bonus growth for FTSE 100 directors has slowed almost to a halt during the past year, with salaries matching inflation and bonuses down on the previous year.

However, directors have been more than compensated with other rewards. The value of LTIPs rose by 81 per cent from a median of £519,625 in 2011 to £938,888 this year. For chief executives, the value of LTIPs that paid out during the year reached a median of £1.6m.

Deborah Hargreaves, chairman of the High Pay Centre, said: ‘At a time of biting austerity for the economy, those at the top of our biggest companies are seeing their pay continue to increase sharply compared to everyone else.

‘The gap between rewards in the boardroom and those for the rest of society has opened up to unsustainable levels. Shareholders have tried to rein in some of the worst excesses this year, but this has only been partially successful.’

The top earner was Angela Ahrendts, chief executive of Burberry, which has just issued a profit warning but paid Ahrendts £15.9m.

WPP’s Sir Martin Sorrell, who suffered one of the biggest shareholder revolts on pay in recent history, was second with £14.2m.